"rick++" <rick303[at]hotmail.com> wrote in message
news:dff2a80d-7f7e-4421-8c78-5114b6de53fb[at]t39g2000prh.googlegroups.com...
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Unless... the stock market ever goes up! Naw, not likely.

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On Jan 27, 1:24*pm, "rick++" <rick...[at]hotmail.com> wrote:
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Excellent and very valuable replies - thank you both!

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jan 27, 9:46 am, Leo <leonard.reinst...[at]gmail.com> wrote:

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Most definately file for 2008. Under current tax laws you can use
losses to offset future gains and income indefinately until the losses
are used up. Right now its $3000 offset per year against non-gain
income. (McCain proposed raising this amount in his presidental
platform.)
Theres a line in Schedule D for propogating previous years' losses.

I personally canceled gains taxes in 2003-2005 from 2001 losses.
Very nice.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Leo" <leonard.reinstein[at]gmail.com> wrote
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Yes, you must report the sales amount, less your cost basis, so that the IRS
knows what your loss is. Otherwise they'll issue you a notice fixing your
mistake and demanding the tax on the gross sales of the mutual fund.

In other words, they don't have the foggiest idea that you incurred a loss
till you report that loss on a Schedule D filed with your return.

In addition, that loss will partially off-set current year income by as much
as $3000, with the remainder being carried forward to off-set any capital
gains and then another $3000 against regular income till the total losses
are gone. It could take years, but that little amount of work done today
will provide years of decreased taxes in the future.





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Paul A. Thomas, CPA
Watkinsville, Georgia

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Hi,

I sold some mutual fund shares in 2008. All of them were sold at a
loss. I do not have any capital gains that I can use these losses as
an offset. So, as far as I understand it, reporting these losses on my
tax form will not change my tax liability in any way.

Does it make sense for me to even bother and report all these sales?
Is it required by law to report the mutual fund share sales to IRS
even if there's no tax liability on them?

Thanks.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >